What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-27 · 185 added, 149 removed, 148 unchanged (69% of the section changed)

Our mission is to power life’s progress, one move at a time.

We are the largest digital platform for residential real estate transactions.

In 2014, we founded Opendoor to reinvent one of life’s most important transactions and make it possible to buy, sell, and move at the tap of a button.

By leveraging software, data science, product design and operations, we are building a technology platform for residential real estate that offers buyers and sellers a digital, on-demand experience that we believe will be the future of how people buy or sell a home.

Our mission is to tilt the world in favor of homeowners, by making homeownership simpler, faster, and fairer for everyone.

We are a leading e-commerce platform for residential real estate transactions and the largest U.S.

Since founding Opendoor in 2014, our goal has been to reinvent one of life's most important transactions by enabling homeowners to buy, sell, and move through a simple, certain, and largely digital experience.

By leveraging artificial intelligence, data science and purpose-built software, we enable consumers to transact directly with Opendoor, eliminating traditional friction and intermediaries.

Our platform combines product design and operations to create what we believe will be the future of how people buy or sell a home.

Residential real estate is the largest consumer category in the United States.

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Since launch, customers have demonstrated their desire for our digital, on-demand real estate solution with over 294,000 homes bought and sold by Opendoor across the United States.

In 2024, we sold over 13,500 homes and generated $5.2 billion in revenue while continuing to delight customers, maintaining an average Net Promoter Score of nearly 80 from our sellers since 2021.

Since our initial market launch in Phoenix in 2014, we have expanded across the United States and operated in 50 markets as of December 31, 2024:

Albuquerque, Atlanta, Austin, Birmingham, Boston, Charleston, Charlotte, Chattanooga, Cincinnati, Cleveland, Colorado Springs, Columbia, Columbus, Corpus Christi, Dallas-Fort Worth, Denver, Detroit, Greensboro-Winston, Greenville, Houston, Indianapolis, Jacksonville, Kansas City, Killeen, Knoxville-Morristown, Las Vegas, Los Angeles, Miami, Minneapolis-St.

Paul, Nashville, New York-New Jersey, Northern Colorado, Oklahoma City, Orlando, Phoenix, Portland, Prescott, Raleigh-Durham, Richmond, Riverside, Sacramento, Saint Louis, Salt Lake City, San Antonio, San Diego, San-Francisco-Bay Area, Southwest Florida, Tampa, Tucson, and Washington, DC.

In 2025, we sold over 11,700 homes and generated $4.4 billion in revenue while continuing to delight customers, maintaining an average Net Promoter Score (“NPS”) of nearly 80 from our sellers since 2021.

Since our initial market launch in Phoenix in 2014, we have expanded across the United States and operated in 50 markets going into 2025.

In late 2025, we began expanding our buybox from a limited set of geographies to effectively nationwide coverage across the contiguous United States, with the ability to make offers in substantially all residential zip codes.

We believe we are still in the early stages of the digital transformation of real estate.

We are dedicated to building a digital, one-stop shop for buyers and sellers of residential real estate, where more consumers will be able to transact directly with simplicity, certainty and control over the entire process.

Powered by artificial intelligence and advanced technology, we are building a real estate platform that enables buyers and sellers to transact with Opendoor digitally, with fewer intermediaries and with simplicity, certainty, and control over the entire process.

We're creating an experience where consumers can buy or sell a home as easily as they book travel or shop online today.

Market Overview

Residential real estate is a massive offline market.

Of the $1.7 trillion residential real estate transactions in 2024, iBuyers (companies that use technology to price homes, acquire properties, and facilitate real estate transactions) captured less than 1%.

Of the $1.7 trillion residential real estate transactions in 2025, the vast majority remain offline, channeled through traditional agents and brokers.

Digital-first platforms like Opendoor that enable direct transactions captured less than 1% of the market, representing a significant opportunity to bring this category online.

The current landscape is highly fragmented.

Today, nearly 90% of residential real estate transactions in the United States involve an agent.

There are approximately two million licensed real estate agents in the United States, who each complete approximately five transactions on average per year, and many of whom do not solely work in real estate.

There are over two million licensed real estate agents in the United States, who each complete approximately four transactions on average per year, and many of whom do not solely work in real estate.

Without appropriate support, this can lead to an inconsistent experience for consumers looking for guidance in what is typically the largest financial decision of their lives.

Consumer satisfaction reflects this broken experience, with traditional real estate transactions generating Net Promoter Scores around 30, significantly below other major consumer categories and well below Opendoor's average NPS of nearly 80.

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Traditional transactions involve multiple value-capturing intermediaries .

In a typical transaction, separate parties provide mortgage origination, title and escrow services, home warranties, insurance, and other related services, each capturing fees and adding complexity.

By establishing direct relationships with consumers through a digital platform, Opendoor can offer these services seamlessly within a single integrated experience.

This broader residential real estate ecosystem represents a substantial incremental market opportunity for a comprehensive digital platform.

Real estate is migrating online.

Consumers are shifting their spend online and demanding digital-first experiences for greater efficiency, certainty, and speed.

They are increasingly comfortable transacting online across retail, food and transportation, and they now expect similar experiences in real estate.

While the majority of home buyers browse for homes online, the transaction itself is still largely offline, making it difficult for consumers to access homes and requiring in-person

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The COVID-19 pandemic catalyzed an increase in demand for digital-first experiences with consumers prioritizing simplicity and certainty.

The traditional process of selling or buying a home is a lengthy and stressful experience for both the seller and buyer.

For nearly 90% of United States sellers that list their home on the market using an agent, this is what their experience typically looks like:

E-commerce now represents over 15% of total retail spending, and over 70% of travel bookings are completed online, yet less than 1% of residential real estate transactions are completed digitally, highlighting the significant transformation opportunity ahead.

While the vast majority of home buyers browse for homes online, the transaction itself is still largely offline, creating an opportunity to eliminate traditional intermediaries and enable consumers to transact with simplicity and control.

The traditional offline, intermediated process of selling or buying a home creates uncertainty, complexity, and lack of control for consumers.

For nearly 90% of United States sellers that list their home on the market using an agent, the typical experience involves coordinating with multiple parties over several months, with significant risk of delays or deal failure.

This broken process stems from reliance on fragmented intermediaries and analog systems, creating pain points at every stage:

• Find a listing agent.

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• Wait for closing.

Once the contract is signed, it still takes almost 40 days on average to close.

Once the contract is signed, it still takes 35 days on average to close.

The seller is reliant on the home buyer and a disparate set of counterparties — such as their agent, mortgage broker and escrow officer — to coordinate and complete the closing process.

• Fall-through risk.

Finally, there is over a 20% chance the contract falls through between signing and closing (based on average multiple listing services (“MLS”) contract fall-through rates in our markets in 2024), forcing the home seller to start the entire process all over again.

Finally, there is nearly a 20% chance the contract falls through between signing and closing (based on average multiple listing services (“MLS”) contract fall-through rates in our markets in 2025), forcing the home seller to start the entire process all over again.

• Risk of delisting .

Even after enduring the listing process, there is no guarantee of a sale.

In 2025, the ratio of homes being delisted relative to contracts has reached historical highs, frequently exceeding 25% on a monthly basis.

This means a significant portion of sellers invest time and money only to remove their home from the market without a successful transaction.

Additionally, we estimate over one-half of home sellers are also home buyers.

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• The “double move.” Alternatively, homeowners can sell their current home, move into a rental or hotel, and then buy a new home, forcing them to move twice and bear those costs.

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Opendoor is an end-to-end real estate platform enabling customers to sell and buy a home online.

We offer a number of products to customers in order to facilitate the transaction that best suits their specific needs.

All of our products leverage our centralized operations and platform capabilities, enabling sellers and buyers to experience a simple and certain transaction that dramatically improves the traditional process.

Today, our product offerings include:

• Sell to Opendoor.

Launched in 2014, sellers utilize our core product offering to sell their home directly to us and we resell the home to a home buyer.

We offer a number of products designed to meet different seller and buyer needs while leveraging a common technology, pricing, and operations platform.

By centralizing underwriting, home operations, and closing services, and by applying software, data science, and artificial intelligence to key decision points, we aim to deliver a transaction that is faster, more certain, and more transparent than the traditional process.

Today, our primary product offerings include:

• Cash Offer.

Launched in 2014, our core product enables homeowners to sell their home directly to Opendoor for cash.

We then resell the home to a subsequent home buyer.

By selling to Opendoor, homeowners can avoid the stress of open houses, preparing the home for market, overlapping mortgages, and the uncertainty that can come with listing a home on the open market.

Using our website or mobile app, sellers can receive an estimated offer online.

We then conduct a home assessment to verify the home information and finalize the offer, taking into consideration the home’s condition.

Sellers can then select their preferred closing date and close electronically (where permitted).

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Eligible sellers may then be prompted to download our mobile application and complete a guided self-assessment of their home.

Based on information provided and our internal valuation models, we present an offer.

If a seller accepts the offer, a physical inspection is conducted to validate the home’s condition and key attributes.

Material discrepancies may result in an adjustment to the offer.

Sellers can then select their preferred closing date and, in many cases, close electronically.

For customers who sell directly to us, we charge a service fee.

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Many of these expenses may be unforeseen by the homeowner at the outset.

Our final offer, inclusive of purchase price, service fee, and condition pricing adjustment, provides the homeowner with more certainty and transparency as to their expected sale proceeds, while removing the hassle of doing any repairs and other work to get the home “sale ready.”

• List with Opendoor.

Customers can choose to list their home on the MLS with a partner agent while also receiving the certainty of our cash offer, which is valid for a limited time period while the seller tests the market.

By choosing this product, sellers work with one of our partner agents to list their home through the open MLS market.

If the seller sells their home through the MLS, Opendoor receives a referral fee from the partner agent.

If the seller does not receive the offer they are looking for on the market, they can choose to accept our cash offer and Opendoor charges its same service fee.

Our listing product is currently available in nearly all Opendoor markets.

• Opendoor Marketplace.

Launched in 2022, our capital-light marketplace offering connects home sellers with both institutional and retail buyers, facilitating transactions without Opendoor taking ownership of the home.

For home buyers, we are building an e-commerce-like experience that focuses on unique selection and a streamlined process.

For home sellers, we are focused on providing options:

in addition to receiving an Opendoor offer, sellers can also look for a higher offer from our network of buyers.

For sellers who successfully sell their home via our marketplace, we charge a listing fee.

There is no need for making repairs on spec and no upfront commitment.

We are giving home sellers control and flexibility, including over showings and selling timelines.

We have launched our marketplace offering in three markets:

Dallas-Fort Worth (launched in 2022), and Charlotte and Raleigh-Durham (launched in late 2024), and we continue to iterate on the product experience.

When we are ready to scale, we believe we are well positioned to expand the product across our existing markets given our ability to leverage our existing core product infrastructure.

Our final offer, inclusive of purchase price, service fee, and condition pricing adjustment, is intended to provide the homeowner with more certainty and transparency as to their expected sale proceeds, while removing the hassle of doing repairs and other work to get the home “sale ready.”

• Cash Plus Offer .

Cash Plus is a variant of our core cash offer for existing homeowners who want the convenience and certainty of selling directly to Opendoor while retaining the potential to participate in resale upside.

In a Cash Plus transaction, the homeowner sells to Opendoor, and typically receives a large portion of their expected net proceeds upfront.

We complete any necessary repairs, list and resell the home, and, after recovering certain costs and our service fee, remit the remaining sale proceeds, if any, to the seller (subject to certain program restrictions).

Cash Plus is designed for sellers who value a simple, certain sale and single move, but also want the opportunity to benefit if the home ultimately sells for more on the open market.

In addition to these products, we also offer customers integrated title insurance and escrow services through our subsidiaries.

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Our Business Model

The vast majority of our revenue today is generated by our core product offering, where we acquire homes directly from sellers and resell those homes to buyers.

We also provide additional services to home sellers and home buyers, including title and escrow services, List with Opendoor, and Opendoor Marketplace.

To achieve our long-term margin objectives, we plan to continue to make competitive offers that customers choose, provide value-added adjacent services for our customers to increasingly adopt, and offer products that meet our customers where they are on their selling and buying journeys.

At scale, we believe our List with Opendoor and Opendoor Marketplace offerings have the potential to reduce our inventory exposure, capital intensity, and macro risk.

Additionally, we plan to achieve operating leverage by growing our revenue at a faster pace than our fixed cost base, which includes general and administrative as well as technology and development expenses.

We plan to continue to invest in our business and appropriately balance trade-offs between growth, margin, and risk as we scale.

We generate demand for our products and services through organic awareness and word-of-mouth, paid media spend, and partnership channels such as our relationships with homebuilders, real estate agents, and online real estate portals.

Home sellers can visit our website or mobile app and answer a few questions about their home’s condition, features, and upgrades.

For eligible homes, customers receive an estimated offer, which can be refreshed at any time through their personalized seller dashboard.

As of December 31, 2024, all of our estimated offers are algorithmically generated and require minimal human intervention.

We generate revenue primarily by acquiring homes directly from sellers and reselling them to buyers.

Unlike traditional real estate brokers who earn commissions by facilitating transactions between third parties, we act as principal, purchasing and taking ownership of homes.

This distinction shapes our revenue model, cost structure, and capital requirements.

Revenue Generation .

We earn revenue through:

We acquire homes from sellers at a purchase price that incorporates our expected unit economics and a condition‑based pricing adjustment for expected repairs and improvements.

We then resell homes to buyers at market prices.

Service revenue.

Our title and escrow subsidiaries provide settlement services for the majority of our transactions.

We also earn limited revenue from capital-light products including referrals.

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In order to finalize our offer, we conduct a combination of virtual and/or in-person home assessments to verify the condition of the home and determine what kind of repairs and home quality improvements may need to be performed after we acquire the home.

We typically ask for a condition pricing adjustment that relates to our assessment of home condition and what it will require to get and maintain the home as “sale ready” based on the expectations of buyers in the market.

We have developed purpose-built software to guide home assessment workflows and collect over 150 unique data points on average regarding a home’s condition and quality.

In addition to informing the offer price for that particular home, we incorporate the proprietary data that we collect during home assessments as structured data into our underlying pricing models.

After all the data has been collected and incorporated, each offer is reviewed and finalized by members of our pricing team, allowing us to marry the best of our algorithmic insights with human judgment.

We closely track the number of potential sellers who accept the Opendoor offer versus listing their home on the MLS.

We define this as the “true seller” conversion rate, which is the percentage of unique leads who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving an offer from us.

Cost Structure .

Variable operating expenses tied to transaction volume include home acquisition costs, renovation and repair expenses, holding costs during ownership (property taxes, utilities, insurance, maintenance), financing costs on inventory, and selling costs.

Fixed and semi-fixed operating expenses include technology and development expenses, sales and marketing, general and administrative costs, and corporate overhead, which do not vary proportionally with transaction volume.

Our gross profit on a home sale reflects the difference between our resale price, net of buyer concessions, and our cost of revenue, which includes the property purchase price, acquisition costs, direct costs to renovate or repair the home and inventory valuation adjustments, if any.

Contribution Profit on a home sale is similar to gross profit, but excludes valuation adjustments, if any, and includes holding costs and selling costs.

Contribution Profit (Loss) is a non-GAAP financial measure.

See “ Part II – Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures ” for further details and a reconciliation of Contribution Profit (Loss) to its nearest comparable GAAP measure.

Capital Requirements .

We purchase homes and hold them as inventory on our balance sheet until resale.

We primarily use non-recourse asset-backed debt to provide financing for our real estate purchases and renovations.

See “Part II — Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” for further detail.

AI-Powered Pricing at Scale.

We generate demand for our products and services primarily through organic awareness, word-of-mouth, targeted paid media spend, and partnership channels such as our relationships with homebuilders, real estate agents, and online real estate portals.

Home sellers visit our website or mobile app and answer a few questions about their home’s condition, features, and upgrades.

Over 20% of all sellers who listed or sold their homes across our 21 oldest markets have previously entered their home address on Opendoor.com, indicating that roughly one in five sellers in these markets considers Opendoor when assessing their selling options.

This high consideration rate reflects strong brand recognition and positions us to capture increasing market share as we continue to improve our product and customer experience.

While it will take time for brand awareness in our newer markets to reach the levels of our more established markets, over time we anticipate being top-of-mind for a growing base of those sellers.

For eligible homes, customers receive an offer typically within minutes, which can be refreshed at any time through their personalized seller dashboard.

As of December 31, 2025, our offers are algorithmically generated using our proprietary AI models with limited human intervention.

Data-Driven Home Assessment.

To finalize our offer, we may conduct home assessments to verify the home's condition and determine necessary repairs or improvements.

Customers can choose to complete self-guided assessments by uploading videos and photos through our app or we offer in-person home assessments.

We typically apply a condition pricing adjustment informed by our assessment of the home and the estimated work needed to bring and maintain it in “sale‑ready” condition consistent with local buyer expectations.

We have developed purpose-built software to guide these assessments and collect over 150 unique data points on average regarding a home’s condition and quality.

This proprietary data feeds directly back into our pricing algorithms, creating a continuous learning loop that improves accuracy over time.

After all the data has been collected and incorporated, each offer is reviewed and finalized by members of our pricing team, combining algorithmic precision with strategic judgment.

Offer Conversion.

We closely track our “true seller” conversion rate, meaning the percentage of unique leads who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving our offer.

We believe this is an important measure of the strength of our value proposition.

In addition, we provide offers to homeowners who are not ready to transact at the time of the offer.

We add these individuals to our expanding pool of prospective customers, and we re-engage with them over time for when they are ready to transact.

Over 20% of sellers who listed or sold their homes have previously entered their home address on Opendoor.com across our active markets, which suggests that our registered user base is a powerful source of future sellers that we can use to drive our future growth.

Home acquisition and repairs

Once a seller has received and accepted our final purchase offer, we enable the seller to close the transaction on a flexible timeline.

This is a particularly important feature as the majority of sellers are also buyers, who are often looking to line up the timing of these two transactions to ensure they have their next home to move to before locking in the sale of their current home or to avoid double moves or mortgages.

This feature further differentiates our service from a traditional sale.

Following acquisition, we bear the subsequent risk of conducting repairs and home quality improvements on time and on budget.

The scope of this work before resale is focused on ensuring the home is in “sale ready” condition.

We engage third-party contractors within each market to conduct repairs, and continuously refine and adjust our repair and improvement strategies based on our operating experience in markets and reviewing neighborhood-level resale outcomes.

After we prepare the home for market and list the home for resale, we market our homes across a wide variety of channels to generate buyer awareness and demand.

These channels include the Opendoor website and mobile app, local MLS, and syndication across real estate portals.

We also generate buyer awareness through Opendoor signage for listed properties.

The majority of our sales are to individual consumers, with a minority sold to institutional investors.

Efficiently turning our inventory, inclusive of preparing, listing, and reselling the home, is important to our financial performance, as we bear holding costs (including utilities, property taxes, maintenance and insurance) and financing costs during our ownership period.

As part of the listing and marketing process, we determine an appropriate resale strategy for each home.

As the principal rather than the agent in the transaction, we are in a structurally advantageous position as seller, relying on data-driven decisions against a large, diversified portfolio of homes.

Our proprietary pricing engine helps automate many of these steps, including relevant adjustments over time.

We manage and measure our inventory performance by listing cohort and by market, and our pricing models can incorporate granular, relative demand signals to optimize pricing and sell-through across the portfolio.

Our resale models, in conjunction with input from our pricing team, are designed to enable realized target margins while maintaining appropriate transaction velocity and inventory portfolio health.

When we receive an acceptable offer on a given home, we enter into a resale contract.

Buyers will then typically conduct an inspection on the property, finalize their mortgage application process and ultimately take possession of the home upon closing of the transaction.

Once a seller accepts our purchase offer, we enable flexible closing timelines to meet their specific needs.

This flexibility is particularly valuable for the majority of sellers who are also buyers, allowing them to coordinate both transactions and avoid double moves or carrying two mortgages simultaneously, a significant advantage over traditional sales where timing is controlled by multiple parties and uncertain closing dates.

Prior to closing, we conduct a structured inspection of major systems to finalize repair scopes and condition-based pricing adjustments.

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Following acquisition, we conduct repairs and home quality improvements to ensure each property is in "sale ready" condition for resale.

We engage third-party contractors within each market and leverage proprietary data from thousands of transactions to continuously optimize our repair strategies and cost estimates.

Our AI-powered systems analyze neighborhood-level resale outcomes and repair performance data to improve accuracy and efficiency over time, enabling us to manage renovation scope and budget effectively at scale.

After preparing homes for market, we leverage multiple distribution channels to generate buyer demand, including the Opendoor website and mobile app, local MLS, syndication across real estate portals, and property signage.

As the principal in the transaction rather than an intermediary, we operate from a structurally advantageous position.

Our proprietary AI-powered pricing engine enables data-driven decisions across a large, diversified portfolio of homes, incorporating granular demand signals to optimize pricing and sell-through velocity.

We manage inventory performance by listing cohort and by market, with our pricing models designed to achieve target margins while maintaining appropriate transaction velocity and portfolio health.

This systematic, technology-driven approach to resale contrasts with traditional agent-led pricing, which relies primarily on individual judgment and limited comparable data.

Efficient inventory turnover, from acquisition through preparation, listing, and resale, is critical to our financial performance, as we bear holding costs (utilities, property taxes, maintenance, and insurance) and financing costs during our ownership period.

Our technology platform and operational scale enable us to optimize this cycle systematically.

When we receive an acceptable offer, we enter into a resale contract.

Buyers typically conduct inspections, finalize their mortgage application process and take possession of the home upon closing.

Industry-Leading Pricing Capabilities

Our ability to price homes competitively is fundamental to our business model.

Since our inception, we have prioritized investment in our pricing capabilities across our home acquisition processes and our forecasting and resale systems.

Our pricing function focuses on ensuring we are providing competitive offers to customers while managing acquisition volumes and resale policy decisions to meet our margin and risk management objectives.

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To create our final home offers, we algorithmically produce both an estimated valuation and an assessment of our confidence level in that estimate, and we then further validate that estimate with a combination of virtual and in person assessments of the home, as well as additional review from our in-house pricing analysts, to finalize the offer.

Since inception, we have prioritized investment in proprietary data collection, machine learning models, and systematic pricing operations that enable us to deliver competitive offers to customers while managing acquisition volumes and resale policy decisions to meet our margin and risk management objectives.

To create our final home offers, we algorithmically produce both an estimated valuation and an assessment of our confidence level in that estimate, and we then may further validate that estimate with a combination of virtual and in person assessments of the home, as well as additional review from our in-house pricing analysts, to finalize the offer.

We dynamically adjust our offers to account for the level of certainty in pricing each home.

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We have also acquired third-party data to improve our pricing models and forecast quality.

Our proprietary models are informed by hundreds of data points that have been collected and synthesized in a structured way.

Our proprietary models are informed by millions of data points that have been collected and synthesized in a structured way.

• Proprietary offline data.

We have conducted over 850,000 assessments during which we collect over 150 data points on average for each home and its surroundings using custom inspection and operator tooling to systematically source and translate home features into a robust data library.

These proprietary data points have led us to make approximately 2.3 billion annotations and adjustments to MLS and tax assessor data, as well as build out unique geospatial data assets, such as power line and busy road proximity.

We also use artificial intelligence (“AI”) to extract and automatically categorize data on the condition of homes from customer-provided inputs, such as chat conversations, images, and videos.

We have conducted roughly one million assessments during which we collect over 150 data points on average for each home and its surroundings using custom inspection and operator tooling to systematically source and translate home features into a robust data library.

These proprietary data points allow us to make annotations and adjustments to MLS and tax assessor data, as well as build out unique geospatial data assets, such as power line and busy road proximity.

We also use AI to extract and automatically categorize data on the condition of homes from customer-provided inputs, such as chat conversations, images, and videos.

Once we list a home for resale, we collect additional home-level demand data such as home visits and visitor feedback, which enable us to calibrate our resale strategy and acquisition home pricing.

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• Responsive feedback loop.

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Over time, we have added new data inputs and refined model logic, the benefits of which compound with experience and scale.

In addition, our in-house pricing analysts review many of our homes to validate algorithmic outputs and incorporate local market expertise, generating feedback that continuously improves our models.

Robust Risk Management Framework

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In addition, we employ sophisticated resale pricing management systems that are designed to allow us to optimize sell-through and margin using real-time, local market demand information, including down to an individual home level.

We believe that the quality and scale of information we utilize in our inventory management decisions

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and our ability to manage these decisions across a scaled, diversified portfolio provides us with a structural advantage over individual sellers or agents in the traditional home selling process.

• Our operations across 50 markets and a range of price and home types allow us to benefit from significant diversification effects.

We believe that the quality and scale of information we utilize in our inventory management decisions and our ability to manage these decisions across a scaled, diversified portfolio provides us with a structural advantage over individual sellers or agents in the traditional home selling process.

• Our nationwide operations across a range of price points and home types allow us to benefit from significant diversification effects.

Individual buyers and sellers are exposed to price and behavioral effects that are associated with specific markets or home segments.

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• Our listed homes are not occupied and are in sale-ready condition given the repairs and renovations we perform.

We believe that this increases the attractiveness and liquidity of our portfolio.

We believe that this increases the liquidity of our portfolio.

• At any moment in time, a portion of our inventory is under resale contract;

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Efficient Digital Platform

We continue to invest in having an agile, low-cost platform, which allows us to provide more competitive offers to home sellers and adapt to changes in macro conditions.

Each component of our real estate business and transaction experience has been purpose-built to delight our customers through a streamlined, digital-first, flexible, and vertically-integrated platform.

We have reimagined the traditionally inefficient and labor-intensive processes required to purchase, prepare, and resell a home, and we have designed our technology and processes to do so at scale.

With this in mind, we have invested in developing technology that enables virtualization, centralization, and automation to reduce cost, increase speed and improve quality of execution.

Our proprietary construction management technology enables us to drive efficiencies across all home servicing functions, tying together pre-acquisition assessments, pricing, repair and preparation scoping, centralized back-office operations, renovation project management, and listed home maintenance.

Our systems and processes facilitate the centralization of certain processes that previously required local labor, which provides staffing flexibility, cost economies, training and quality enhancements, and faster turnaround times, all of which result in a superior home product and customer experience.

One example is our virtual home assessment capability for our lowest risk homes, where home sellers or their agents are able to take our operators on a virtual, guided tour of their home, both interior and exterior.

Our centralized teams then assess home condition and home features, and compare the subject home to nearby recently sold homes.

Leveraging a combination of industry best practices and large, complex data sets, we can fully underwrite these lower risk homes via centralized teams in order to provide sellers fast and frictionless final offers.

This centralization has also enabled us to shift an increasing amount of back-office work to our offshore teams, which we believe will help deliver structural cost improvements over time.

We have also established a network of over 450 trade partners and local service providers that use our proprietary technology to complete home repairs and maintenance.

By leveraging our technology platform and directly interfacing with our trade partners, we reduce delays, eliminate waste, and improve quality of repairs while capturing data at every step to continuously improve the system.

This increase in third-party capacity also gives us the flexibility to adapt to macro conditions and adjust our operating expenses commensurate with volume expectations.

Due to our scale, we have procured volume discounts on the cost of materials used in our home repairs.

In addition, we have designed our home inventory management processes and home access technology to ensure our homes are regularly cleaned, well-maintained and safe to enable our on-demand, self-tour experience.

We receive regular home condition status updates from our trade partners and local service provider network who are in our homes multiple times per month, as well as from home shoppers and agents who provide feedback through our mobile application after their home tours.

This feedback enables rapid response in the event of condition defects that would otherwise persist unaddressed.

Quickly fixing potential quality issues helps ensure listed inventory remains in the necessary condition to maximize probability of resale.

We continue to invest in a technology platform that underpins how we price homes, make offers, and run our operations.

The platform combines proprietary data, software, and AI-driven tools to give sellers a simple, primarily digital experience while allowing us to respond quickly to changing market conditions.

Our AI models and computer-vision tools help us assess home condition, and estimate the cost and time required to bring a home to “sale-ready” condition.

By centralizing these workflows and using AI and automation to handle many of the steps required to price, purchase, prepare, and resell a home, we are replacing traditionally manual and fragmented processes with standardized, repeatable systems that are designed to operate at scale.

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AI‑Powered Operations and Centralization.

Our proprietary operations technology, powered by AI and machine learning, drives efficiencies across home servicing functions, tying together pre‑acquisition assessments, pricing, repair scoping, centralized back‑office operations, renovation project management, and listed home maintenance.

Our systems increasingly automate tasks that have historically required local, manual work, with centralized teams supervising exceptions and judgment‑driven decisions.

This approach delivers cost efficiencies, quality improvements, and faster turnaround times.

Critically, this centralized, AI‑enabled model underpins our expanded buybox initiative, allowing us to scale coverage across the contiguous United States without proportional increases in local market infrastructure.

One example is our virtual home assessment capability, where home sellers or their agents conduct guided virtual tours using our tools.

Our systems apply computer vision and other AI models to extract home condition and feature data from the tour, and to compare the subject property to nearby recently sold homes.

By combining these models with proprietary technology, industry best practices, and extensive data sets, we can underwrite many homes with minimal manual intervention and provide sellers with fast, competitive offers from centralized teams.

Scalable Trade Partner Network .

We have established a network of over 450 trade partners and local service providers who utilize our proprietary technology to complete inspections, home repairs and maintenance.

By integrating our technology platform directly with trade partners, we reduce delays, eliminate waste, and improve repair quality while capturing data at every step to continuously improve the system.

This scalable third-party capacity model gives us flexibility to adapt to volume fluctuations and adjust operating expenses dynamically.

Due to our scale, we have secured volume discounts on materials used in home repairs, creating further cost advantages.

Proactive Inventory Management.

Our home inventory management systems and access technology ensure properties remain clean, well-maintained, and safe, enabling our on-demand self-tour experience for buyers.

We receive timely home condition updates from our trade partners and service providers who visit properties multiple times per month, as well as from home shoppers and agents who provide feedback through our mobile application after tours.

This continuous feedback loop enables rapid response to potential issues, ensuring listed inventory remains in optimal condition to maximize resale probability and transaction velocity.

Strategic Growth Priorities

Our growth strategy is to innovate and execute on the following key strategic priorities:

Increase penetration in existing markets.

We are focused on growing market share in our existing markets — greater scale improves awareness, trust and adoption, operational cost efficiencies, and pricing competitiveness from more data.

We have historically demonstrated our ability to capture over 4% market share in multiple markets, with our oldest market cohorts

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showing deeper market penetration.

We will continue to expand our customer base through partnerships and marketing campaigns that increase awareness and engage customers early in their home selling and buying research.

Expand to new markets.

At 50 markets as of December 31, 2024, we have made good progress towards our long-term goal of being able to deliver for customers nationwide.

In the future, we may choose to expand our market presence.

We will select any new markets by looking at drivers of supply, demand and affordability, housing stock, cost structure and expected pricing competitiveness.

We have honed our market launch playbook by centralizing many of our core pricing, operations and customer service functions, enabling us to efficiently launch new markets with limited in-market physical presence.

Our largely centralized and scalable framework for new market entry enabled us to rapidly grow the number of markets we served in 2021 and the first half of 2022.

Furthermo re, decision making for each home is informed by centralized, robust, data-driven playbooks that allow us to drive consistency across our markets and reach profitability in new markets more quickly.

Increase penetration across our nationwide footprint.

With the expansion of our buybox in late 2025, from a limited set of geographies to effectively nationwide coverage across the contiguous United States, we now have the ability to make offers in substantially all residential zip codes.

We are focused on growing market share across this expanded footprint, as we believe greater scale improves awareness, trust and adoption, operational cost efficiencies, and pricing competitiveness and provides more data.

We have historically demonstrated our ability to capture over 4% market share in multiple markets, with our oldest market cohorts showing deeper penetration over time.

Our nationwide expansion enables us to serve customers wherever they are located, while we continue to drive deeper penetration in our core markets through partnerships and marketing campaigns that increase awareness and engage customers early in their home selling and buying research.

Expand product offerings.

Our north star is to build the best end-to-end digital experience for every home seller and buyer.

We are focused on continuing to refine our best-in-class seller experience, drive additional scale and efficiencies, expand the options available to sellers to best suit their specific needs, invest in enhancing the buyer experience, and continue to integrate the seller and buyer journey.

We continually evaluate the need for additional products related to real estate transactions and ancillary services.

We are focused on continuing to refine our best-in-class seller experience, expand integrated services that capture additional transaction value, invest in enhancing the buyer experience, and create a seamless, vertically-integrated platform.

We continually evaluate opportunities for additional products and ancillary services that strengthen our competitive moat and improve customer experience.

For example, in February 2026, we became licensed to provide mortgage products and plan to expand these offerings.

We utilize a diversified, multichannel approach in marketing, with a focus on efficient growth.

Our marketing engine is powered by proprietary data, analytics, and AI that enable us to measure performance across channels, optimize spend allocation, and continuously improve customer acquisition efficiency.

In addition to earned media and online real estate partnerships with leading industry brands, we leverage a diverse range of channels and platforms within paid advertising, including paid online channels, direct mail, television, radio, social media, and outdoor advertising.

As our market footprint has expanded, we are focused on our investment in broad reach and national channels such as television and sponsorships, to efficiently drive awareness and build trust with consumers in a new category.

We also continue to build our prospective customer base by maintaining relationships and re-engaging with homeowners who might not have been ready to sell during their first interaction with Opendoor.

With the majority of sellers also being buyers, these homeowners represent a large part of our marketing funnel that we are focused on converting when they are ready to transact.

Our marketing efforts are amplified by a flywheel:

our consistently high Net Promoter Scores generate word-of-mouth referrals, and our listed properties serve as physical touchpoints that drive neighborhood awareness and organic demand.

We also continue to build our prospective customer base by maintaining relationships and re-engaging with homeowners who might not have been ready to

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sell during their first interaction with Opendoor.

With the majority of sellers also being buyers, these homeowners represent a large part of our customer base that we are focused on converting when they are ready to transact.

As more consumers start their home journey with Opendoor, we expect this prospective customer base to continue to expand over time.

housing market is highly fragmented, with over four million residential real estate transactions per year.

We view our primary competition as the approximately 99% of transactions that are done offline.

We view our primary competition as the approximately 99% of transactions that remain offline.

As such, we compete directly with traditional, offline real estate brokers and agents.

In addition, we also compete with other iBuyers, and our adjacent services compete with industry service providers, including title and escrow companies.

In addition, we also compete with other iBuyers, and our adjacent services compete with industry service providers, including title and escrow companies and mortgage originators.

We believe our singular focus on an end-to-end digital solution, our best-in-class pricing engine, and our low-cost operational platform differentiate us from our competitors and provide a meaningful and sustainable competitive advantage.

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As of December 31, 2025, we employed 1,042 individuals, including 858 in the United States.

None of our employees are currently represented by a labor organization or a party to any collective bargaining.

None of our employees are currently represented by a labor organization or are party to any collective bargaining.

Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating our existing and additional employees.

The principal purposes of our equity incentive plans are to attract, retain, and motivate selected employees, consultants, and directors through the granting of stock-based compensation awards.

Our business is driven by data and technology at all stages of the home buying and selling process.

We have assembled a team of engineers, data scientists, designers, and product managers whose expertise spans a broad range of technical areas to build our proprietary technology for pricing and home assessment, access, and management.

We use technological innovations where possible to increase efficiency and scale our business.

Our business is driven by proprietary systems that integrate AI models, data, and software across the entire home transaction lifecycle.

We have assembled a team of engineers, machine learning specialists, research scientists, data scientists, designers, and product managers whose expertise spans a broad range of technical areas.

Our technology portfolio includes:

Pricing systems that use centralized data infrastructure and machine learning models to appraise and price the homes we buy and sell, incorporating factors such as time of possession, seasonality, macroeconomic and local market conditions, expected renovation and holding costs, transaction costs, and anticipated resale proceeds.

Home assessment and inspection tools that guide pre‑acquisition and post‑acquisition workflows, standardize data collection on home condition and quality, and feed this information back into our AI-powered pricing and forecasting models.

Construction and renovation management software that centralizes repair scoping, project management, work order routing, and coordination with our network of trade partners and local service providers, with the goal of improving cost, quality, and cycle times.

Inventory and portfolio management systems that monitor sell‑through, holding periods, and unit economics at the home, cohort, and market level, and support data‑driven decisions about acquisition volumes, resale strategy, and pricing.

Consumer‑facing web and mobile applications that enable sellers to request offers, select closing dates, upload home information, and complete many aspects of the sale digitally, and enable buyers to discover, self‑tour, and purchase homes online.

We currently use third-party cloud computing services to allow us to quickly and efficiently scale up our services without upfront infrastructure costs, allowing us to maintain our focus on building great products.

We also use third-party services to allow customers to digitally sign contracts, upload videos of their home and manage customer support services.

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Intellectual Property

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We are the registered holder of a variety of domestic domain names, including “opendoor.com.”

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In addition to the protection provided by our intellectual property rights, we enter into confidentiality and proprietary rights agreements with certain of our employees, consultants, contractors and business partners.

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We operate in highly regulated businesses through a number of different channels across the United States.

As a result, we are currently subject to a variety of, and may in the future become subject to additional, federal, state and local statutes and regulations in various jurisdictions (as well as judicial and administrative decisions and state common law), which are subject to change at any time, including laws regarding the real estate industry, settlement services, mobile and internet based businesses and other businesses that rely on advertising, as well as data privacy, consumer protection, and employment laws.

As a result, we are currently subject to a variety of, and may in the future become subject to additional, federal, state and local statutes and regulations in various jurisdictions (as well as judicial and administrative decisions and state common law), which are subject to change at any time, including laws regarding the real estate and mortgage industries, settlement services, mobile and internet based businesses and other businesses that rely on advertising, as well as data privacy, consumer protection, and employment laws.

In particular, the advertising and sale of homes is highly regulated by states in which we do business, as well as the U.S.

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We are subject to compliance audits of our operations by many of these authorities.

For a discussion of the various risks we face from regulation and compliance matters, see “Item 1A.

For further discussion of the various risks we face from existing and potential regulation and compliance matters, see “Part I – Item 1A.

Risk Factors — Risks Related to Regulatory Compliance and Legal Matters .

Additionally, laws, regulations, and standards covering marketing and advertising activities conducted by telephone, email, mobile devices, and the internet, may be applicable to our business, such as the Telephone Consumer Protection Act (“TCPA”), the Telemarketing Sales Rule, the CAN-SPAM Act, and similar state consumer protection laws.

Through our various subsidiaries, we also buy and sell homes, provide real estate brokerage, title insurance and settlement services, and provide other product offerings, which results in us receiving or facilitating transmission of personal information.

Additionally, laws, regulations, and standards covering marketing and advertising activities conducted by telephone, email, mobile devices, and the internet, as well as laws governing data privacy, security, and the processing of personal information, may be applicable to our business, such as the Telephone Consumer Protection Act (“TCPA”), the Telemarketing Sales Rule, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (the “CAN-SPAM Act”), the the California Consumer Privacy Act, as amended by California Privacy Rights Act (the “CCPA”), and similar state consumer protection laws.

Through our various subsidiaries, we also buy and sell homes, provide real estate brokerage, title insurance and settlement services, operate a mortgage business, and provide other product offerings, which results in us receiving or facilitating transmission of personal information.

This information is increasingly subject to legislation and regulation in the United States.

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These laws also can restrict our use of this personal information for other commercial purposes, including advertising.

For a discussion of the various risks we face with respect to the collection and processing of personal information, see “Item 1A.

For a discussion of the various risks we face with respect to the collection and processing of personal information, see “Part I – Item 1A.

Risk Factors — Risks Related to Our Intellectual Property and Technology .

To provide the broad range of products and services that we offer customers, certain of our subsidiaries maintain real estate brokerage, title insurance and escrow, and general contractor licenses, and we may in the future apply for additional licenses as our business grows and develops.

To provide the broad range of products and services that we offer customers, certain of our subsidiaries maintain real estate brokerage, title insurance and escrow, mortgage and general contractor licenses, and we may in the future apply for additional licenses as our business grows and develops.

These entities are subject to stringent state and federal laws and regulations, including, but not limited to, the Real Estate Settlement Procedures Act (“RESPA”) and those administered by applicable state departments of real estate, banking, and consumer services.

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As of December 31, 2025:

• Opendoor Brokerage LLC and Opendoor Brokerage Inc., collectively, hold real estate brokerage licenses in all our markets and certain other states.

• OS National LLC, and its subsidiaries, OSN Texas LLC, OSN Alabama LLC, and OSN Title Company are licensed as title agents in 28 states.

In addition, OS National LLC, and its subsidiary, OSN Escrow Inc., are licensed as escrow agents in seven states and OS National LLC is authorized to conduct the business of title insurance in five additional states that do not require entity and/or individual licensing.

• Tremont Realty LLC (dba Opendoor Connect), holds a real estate brokerage license in Texas.

• Opendoor Brokerage LLC and Opendoor Brokerage Inc., collectively, hold real estate brokerage licenses in 44 states and the District of Columbia.

• OS National LLC, and its subsidiaries, OSN Texas LLC, OS National Alabama LLC, and OSN Title Company are licensed as title agents in 28 states.

In addition, OS National LLC, and its subsidiary, OSN Escrow Inc., are licensed as escrow agents in six states and OS National LLC is authorized to conduct the business of title insurance in five additional states that do not require entity and/or individual licensing.

• Tremont Realty LLC (dba Opendoor Connect), holds real estate brokerage licenses in Texas and North Carolina.

In addition, as of February 13, 2026, our wholly-owned mortgage subsidiary holds a mortgage license in Colorado.

For certain licenses, we are required to designate individual licensed brokers of record, qualified individuals and control persons.

Mortgage products are regulated at the state level by licensing authorities and administrative agencies, with additional oversight from the CFPB and other federal agencies.

These laws generally regulate the manner in which lending and lending-

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related activities, including mortgage brokering, are marketed or made available to consumers, including, but not limited to, advertising, finding and qualifying applicants, the provision of consumer disclosures, payments for services, and record keeping requirements;

these laws include, at the federal level, RESPA, the Fair Credit Reporting Act (as amended by the Fair and Accurate Credit Transactions Act), the Truth in Lending Act (including the Home Ownership and Equity Protection Act of 1994), the Equal Credit Opportunity Act, the Fair Housing Act, the Gramm-Leach-Bliley Act, the Electronic Fund Transfer Act, the Servicemembers Civil Relief Act, the Military Lending Act, the Homeowners Protection Act, the Home Mortgage Disclosure Act, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the Federal Trade Commission Act, the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, the Bank Secrecy Act (including the Office of Foreign Assets Control and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act), the TCPA, the Mortgage Acts and Practices Advertising Rule (Regulation N), the CARES Act, all implementing regulations, and various other federal, state and local laws.

The CFPB also has broad authority to enforce prohibitions on practices that it deems to be unfair, deceptive or abusive.

Additionally, state and local laws may restrict the amount and nature of interest and fees that may be charged by a lender or mortgage broker, impose more stringent privacy requirements and protections for servicemembers, and/or otherwise regulate the manner in which lenders or mortgage brokers operate or advertise.

For information regarding the seasonality of our business, please see “ Part II – Item 7.

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Our SEC filings are also available to the public at the SEC's website at http://www.sec.gov.

Our investors and others should note that we have used, and intend to continue to use, our website, press releases, Securities and Exchange Commission (“SEC”) filings, blogs, community hub and social media accounts, as well as the X (formerly known as Twitter) accounts of our Chief Executive Officer, @Nejatian, and @Opendoor, as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

We encourage investors and others to review the information we make public in the foregoing locations as such information could be deemed to be material information.

Please note that this list may be updated from time to time.

Investors should subscribe to these social media accounts and our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business